Gavin Newsom signs $750M tax credit for film and TV made in California – Washington Examiner
California Governor Gavin Newsom has signed a new tax credit initiative that allocates $750 million to support the film and television industry in the state. This new measure doubles the existing tax credit of $330 million and aims to boost the entertainment sector,described by Newsom as a significant aspect of los Angeles’ renewal. In a press conference, Newsom expressed hope for collaboration with President Donald Trump to secure further tax incentives amounting to $7.5 billion for the industry.The governor announced that the application window for the new tax credit will open soon, coinciding with the six-month anniversary of the Southern California wildfires, highlighting its importance in aiding the state’s recovery. Additionally,the Trump governance announced a 100% tariff on foreign-made films to encourage domestic production.
Gavin Newsom signs $750M tax credit for film and TV made in California
Gov. Gavin Newsom (D-CA) touted the $750 million tax credit for film and television made in his state, calling it a “big part” of the “renewal” for Los Angeles.
Newsom’s signature doubles the current tax credit of $330 million. The governor has also sought to work with President Donald Trump to secure a $7.5 billion tax credit for the film and television industry, with Newsom saying he wants to see Trump “match the ambition” that California is enacting.
“And so I am hopeful that we in the partnership continue to work with the administration, and he recognizes the opportunity to reinforce the commitment we’re making today in the great state of California,” Newsom said in a Wednesday press conference.
Newsom went on to say that the application window for the tax credit will open Monday, which marks the six-month anniversary of the start of the wildfires in Southern California. He added that this credit is playing a “big part of that renewal” for the state and Los Angeles.
In May, Trump announced he would implement a 100% tariff on foreign-made films, lamenting how the movie industry in the United States is “DYING a very fast death.” The president warned that the tariff would affect “any and all Movies coming into our Country that are produced in Foreign Lands,” adding, “WE WANT MOVIES MADE IN AMERICA, AGAIN!”
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Since Trump’s announcement, Newsom has met with actor Jon Voight, one of Trump’s Hollywood ambassadors, to discuss the governor’s effort to double California’s film tax incentive and other factors. Voight, along with actors Mel Gibson and Sylvester Stallone, was recruited by Trump as his special envoys from Hollywood.
Trump’s proposed tariffs for foreign-made films were praised by International Brotherhood of Teamsters President Sean O’Brien, who suggested that studios wishing to film outside the country should “pay a price.”
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